High-Level Discussions in the First Day of 2026 AlUla Conference for Emerging Market Economies

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The first day of the second edition of the 2026 AlUla Conference on Emerging Market Economies concluded today. Hosted by the AlUla Governorate and organized by the Saudi Ministry of Finance in partnership with the International Monetary Fund (IMF), the conference saw wide participation from economic policymakers, finance ministers, central bank governors, leaders of international financial institutions, and a distinguished group of experts from around the world.

The conference opened with inaugural remarks by His Excellency Mr. Mohammed Aljadaan, Minister of Finance, and Dr. Kristalina Georgieva, Managing Director of the IMF. In his speech, Minister Aljadaan highlighted the importance of enhancing the role of emerging market economies in supporting global growth and the need for joint efforts to develop economic policies capable of keeping pace with the rapid transformations in international trade and financial systems, thereby promoting global economic stability and achieving sustainable long-term growth.

Minister Aljadaan also addressed debt sustainability as one of the key challenges facing emerging and developing economies, noting that rising public debt levels, increased borrowing costs, and reduced access to concessional finance have constrained fiscal space and limited the ability to fund developmental and social priorities. He emphasized the importance of strengthening international coordination and improving debt restructuring frameworks, reviewing the G20’s efforts, including the Debt Service Suspension Initiative and the Common Framework, and stressed that accelerating implementation, enhancing transparency, and strengthening creditor coordination are essential elements to ensure more effective debt solutions that support growth and financial stability.

IMF Managing Director Georgieva noted that the AlUla conference last year recognized the growing role of emerging market economies in a world of sweeping transformations. She emphasized the importance of providing an effective space for dialogue in a world experiencing growing fragmentation and uncertainty, explaining that sound economic policies, together with strong institutions capable of committing to reforms even under the most challenging conditions, form the foundation for enabling economies to serve their people and respond flexibly to evolving challenges.

Georgieva pointed out that IMF research shows tangible progress in the economic policy frameworks of emerging markets, which today benefit from more independent central banks, clearer inflation targets, and stronger fiscal frameworks.

She added that the next phase entails two main priorities: stimulating growth led by the private sector; and deepening regional and cross-regional integration, thereby helping to maintain trade as a key driver of economic growth.

The first day’s program included the keynote session, “At Ithlib Diwan Address: Charting a Path through a Changing Global Economic Landscape,” featuring His Excellency Mr. Lan Fo’An, China’s Minister of Finance, and His Excellency Mr. Andrew Bailey, Governor of the Bank of England. They discussed the rapid shifts in the global economy, including changes in the international monetary and trade systems, structural shifts linked to geopolitical and geo-economic fragmentation, technological innovation, demographic changes, and their impact on both advanced and emerging economies.

The conference also featured a research paper session titled “Resetting Global Trade,” moderated by Pierre-Olivier Gourinchas, IMF Economic Counsellor and Director of Research, with contributions from His Excellency Mr. Faisal Alibrahim, Minister of Economy and Planning of Saudi Arabia; His Excellency Federico Sturzenegger, Argentine Minister for Deregulation and Government Transformation; and His Excellency Ayub Tekalign, Governor of the National Bank of Ethiopia. and Professor Pol Antras, G. Ory Professor of Economics at Harvard University. The session examined current trade tensions and their impact on emerging market economies, risks and opportunities arising from global trade shifts, and the role of regional integration, supply chains, services trade, and economic geography in fostering resilience and long-term growth.

During the first day of the conference, His Excellency Dr. Mohammed Aljasser, President of the Islamic Development Bank Group, inaugurated the IDB’s Concessional Finance Fund, emphasizing the Kingdom of Saudi Arabia’s commitment, as the host country and one of the largest contributors, toward supporting solidarity, innovation, and strengthening multilateral action. He noted that the launch in AlUla goes beyond the establishment of the fund itself, sending a message of hope for a fairer world.

The first day also included a panel discussion on “Implications of Global Uncertainty on International Monetary and Financial Systems,” featuring His Excellency Mr. Ayman Al-Sayyari, Governor of the Saudi Central Bank; Pablo Hernández de Cos, General Manager of the Bank for International Settlements; and His Excellency Mr. Jameel Ahmed, Governor of the State Bank of Pakistan, which was moderated by Tobias Adrian, Director of the IMF’s Monetary and Capital Markets Department. The discussion focused on the effects of global uncertainty on the international monetary and financial system, including regulatory developments, capital flow volatility, and the role of the global financial safety net in supporting economic stability.

The first day concluded with a research session on “Monetary Policy amid Structural Transformations in the Global Economy,” featuring Professor Adam Glapinski, Governor of the National Bank of Poland; Professor Hassan Abdullah, Governor of the Central Bank of Egypt; Mr. Martin Galstyan, Governor of the Central Bank of Armenia; and Professor Kristin Forbes, MIT Sloan School of Management, and moderated by Professor Alejandro Werner, Director of the Georgetown Institute for the Americas and the Peterson Institute for International Economics. The session addressed the impact of structural shifts and changes in trade and capital flows on monetary policy formulation in emerging markets, challenges in managing shocks and uncertainty, monetary policy tools, and the role of exchange market interventions and capital flow management.

On the sidelines of the conference H.E. Dr. Kristalina Georgieva, Managing Director of the International Monetary Fund, signed a Memorandum of Understanding with Dr. Fahad Alturki, Director General of the Arab Monetary Fund @armonetaryfund, to strengthen mutual cooperation.

The conference convened under the theme “Policies Amid a Reset of the International Trade and Financial Systems” reaffirming the importance of enhancing international dialogue, coordinating economic policies, and supporting the resilience of emerging market economies, thereby promoting global economic stability and sustainable growth.